What is Tax Year?

According to the Tax Payer's Facilitation Guide, published by the Federal Board of Revenue (FBR) in April 2014, the Tax Year is a period of twelve months ending on 30th day of June i.e. the financial year and is denoted by the calendar year in which the said date falls. For example, tax year for the period of twelve months from July 01, 2010 to June 30, 2011 shall be denoted by calendar year 2011 and the period of twelve months from July 01, 2011 to June 30, 2012 shall be denoted by calendar year 2012. It is called Normal Tax Year.

Note: A copy of Tax Payer's Facilitation Guide can be downloaded from the offficial website of FBR. For assistance and information on tax matters, please visit the official website of the Federal Board of Revenue (FBR).

Tags: FBR, IRIS, Income Tax, Sales Tax, Pakistan, Salary

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